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Thursday, February 28, 2013

TD Bank CEO pours cold water on Citizens deal, (NYSE: TD)

Toronto-Dominion Bank Chief Executive Ed Clark all but shot down the idea that the bank might purchase Royal Bank of Scotland's Citizens Bank unit, saying on Thursday such a deal would not meet TD's stated criteria for transaction. On conference call, Clark said any deal TD would consider would have to fit the bank's strategy, timing and risk appetite, meet its financial hurdles and be supported by market."We do not believe that a transaction to acquire RBS's Citizens Bank is a (deal) that meets this criteria," he said.TD, which has made several U.S. consumer bank acquisitions over the past 8 years, held informal discussions with RBS last year about Citizens, people familiar with the situation have told Reuters.

The Toronto-Dominion Bank is a Canada-based bank. Shares of TD traded higher by 0.07% or $0.06/share to $82.40. In the past year, the shares have traded as low as $72.63 and as high as $86.56. On average, 490011 shares of TD exchange hands on a given day and today's volume is recorded at 527104.